ITEM 1.1ot
CITY F 0
MINNESOTA
MEMORANDUM
TO: Mayor and City Council
FROM: Lori Johnson, City Administrator
DATE: February 5, 2014
SUBJECT: 2014 Budget
1TEm I,..1
On Monday the Council will again take up adoption of the 2014 budget. The budget memo
distributed for the January 9, 2014, meeting is attached for your reference. The summary
budget page has been updated to show the budget based on the "Cuts to Balance" and the
"Cuts to Surplus" numbers discussed on January 9. The only new information to add to the
budget discussion is estimated end of year 2013 financial data for the General Fund.
Attached is a memo from Dan Jordet, Administrative Services Director, with a preliminary
projection of the General Fund year --end balance of revenues to expenditures. Please keep in
mind that this is a preliminary estimate; the actual balance may increase after payroll
allocations to the Water, Wastewater, Storm Water, and Building Safety funds are reviewed
and adjusted. other minor adjustments may be made as revenues are reviewed and
reclassified and all receivables and payables are posted.
Two resolutions are attached to the January 9, 2014, budget memo: one approves a balanced
budget of $4,044,812 and the other approves an expenditure budget of $4,009,895 leaving a
surplus of $34,917. The Council may adopt either resolution to approve the 2014 budgets.